Piyush Goyal Outlines Ambitious Manufacturing Growth for India by 2047

On the 10th anniversary of Make in India, Union Minister Piyush Goyal announced that by 2047, manufacturing's share in the economy will rise to 25%. Goyal highlighted India's potential as a global manufacturing hub, emphasizing job creation, industrial townships, and a decade of economic resurgence under PM Modi.

Union Minister of Commerce and Industry Piyush Goyal marked the 10th anniversary of the Make in India initiative with a forward-looking announcement, predicting that by 2047, the manufacturing sector's share in the Indian economy will reach 25 percent. Goyal elaborated on the vision during a Wednesday announcement.

Goyal cited the 'Amrit Kaal' towards 'Viksit Bharat 2047' as a period in which India will expand its manufacturing base to meet both domestic and international demands. He forecasted a rise in industrial townships with state-of-the-art infrastructure. Praising the collaborative efforts between the public and private sectors, Goyal asserted that India is now viewed globally as a key manufacturing destination.

Comparing the last decade under Prime Minister Narendra Modi to previous administrations, Goyal described it as a contrast between a 'lost decade' and a 'productive decade.' He detailed improvements in macro-economic fundamentals, such as the rise of 'Startup India,' the establishment of 20 new industrial smart cities, and enhanced ease of doing business. Addressing critics of the Make in India scheme, Goyal pointed to job creation and successful projects like the domestically produced iPhone 16 and air conditioning units as evidence of the initiative's success. He underscored that manufacturing not only fosters job creation but also builds ecosystems conducive to entrepreneurship.

(With inputs from agencies.)